22 February 2024
Today CiFAR and Transparency International Venezuela launch two new reports:
- Management and Oversight of Independents Return Funds: International Experiences and Lessons Learned for Venezuela (English – Spanish)
These reports respond to the efforts underway to establish the Fondo para la Protección Social del Pueblo de Venezuela, whichis expected to transfer up to USD 3 billion to the people of Venezuela in the coming years. The Fund is the result of negotiations between the Maduro government and Venezuelan opposition to advance a political and humanitarian solution to the ongoing crisis and would see the return of assets currently frozen under various international control or protection mechanisms outside of Venezuela through an independent trust fund.
The Management and Oversight of Independents Return Funds report explores international best practices for the oversight of independent return mechanisms, drawing on both principles and examples from other returns. In doing so, it explores the unique characteristics that the Social Protection Fund will operate in and the proposals for its structure, and it makes recommendations for transparent, accountable and participatory oversight over its operations and the disbursement of the assets it will control.
Best Practices for Independent Return Funds: Lessons Learned for Venezuela on the other hand explores more general best practice when it comes to establishing an independent return mechanism. Drawing on experiences from Kazakhstan, Equatorial Guinea, Uzbekistan and Nigeria, it discusses how transparency, accountability and participation can be built into return mechanisms and identifies recommendations for the Venezuela fund.
While these reports focus on Venezuela’s proposed Social Protection Fund, the conclusions they draw are important for all independent return funds.
- More information on independent return funds can also be found in our paper: Indirect Asset Return Through Third-Party Entities.
- Civil society principles on accountable asset return can be found here.